- Bitcoin Mining and AI are shaping IREN’s future as they explore new opportunities together.”
- IREN is committed to using 100% renewable energy for its Bitcoin mining operations.
- Dan Roberts believes Bitcoin’s volatility is key to its potential as “Gold 2.0.”
- IREN secured 2,300 megawatts of power and land, enhancing its data center market position
Dan Roberts, the co-founder and CEO of IREN, recently spoke about how Bitcoin mining and AI are changing the digital economy.
In an interview with CNBC, he discussed the company’s direction, the potential of AI, and the future of Bitcoin mining. Below, we examine what Roberts says and explore the impact of these technologies on the future.
The Intersection of Bitcoin Mining and AI
Bitcoin mining has been the main business of IREN, a company Roberts co-founded in 2018 with his brother, Will. However, the company is now exploring the potential of AI, a shift that Roberts describes as both necessary and exciting. “Most of our revenues today have been through Bitcoin mining,” said Roberts.
Roberts explained that IREN’s vision was to create a power-dense, next-generation data center platform. So, this platform could monetize various technologies, including Bitcoin and AI. Thus, he pointed out, “We’re operating Bitcoin mining machines right next to the latest generation NVIDIA chips training AI models.”
The Role of Renewable Energy in Bitcoin Mining and AI
IREN has committed to using 100% renewable energy since its inception. Roberts stated, “Not only do we only use 100% renewable energy, we will only enter energy markets where the introduction of our energy demand is solving public market problems.” So, this approach not only aligns with environmental goals but also allows IREN to operate efficiently in fluctuating energy markets.
Furthermore, Roberts explained how IREN’s operations in Texas showed this model. He noted, “We’re able to respond in real-time to higher power prices and curtail our compute.” This flexibility means that during times of high demand or low supply, such as when the wind stops blowing or the sun stops shining, IREN can reduce its energy consumption, giving back to the grid and benefiting consumers. Roberts referred to this ability as being like a “demand-side battery,” which shows the company’s role in stabilizing the energy grid.
The Future of Bitcoin Mining
Bitcoin’s future is often debated, but Roberts is optimistic. He stated, “We are very positive about the future of Bitcoin.” So, IREN has expanded its capacity by 8x since the start of last year. Roberts explained that such growth would not have been pursued if the company did not have a constructive outlook on Bitcoin’s future.
Although, Roberts acknowledged Bitcoin’s volatility, saying, “Yes, it’s volatile, but to grow from zero to a trillion dollars of value, you need volatility.” This volatility, however, is what makes Bitcoin comparable to gold. “If you think about Bitcoin as Gold 2.0, scarcity, durability, it is building the track record,” Roberts said. This means that Bitcoin’s unique characteristics could see it rival gold as a store of value in the future.
Bitcoin Mining and AI: IREN’s Position in the Market
IREN has been able to secure large amounts of power and land for its data center market. Roberts shared that the company has “2,300 megawatts of power and land secured,” which he compared to the combined capacity of all the data centers in Silicon Valley and San Jose. So, this massive resource base gives IREN an advantage in the market and allows it to explore new opportunities in both Bitcoin mining and AI.
Additionally, the company recently entered a collaboration with Morgan Stanley to evaluate monetization opportunities in the AI data center market. Roberts also confirmed that they are in talks with hyperscalers and other customers regarding AI computing in their facilities.
Conclusion
Dan Roberts explains how Bitcoin mining and AI are shaping the future. IREN’s focus on renewable energy and its work in both Bitcoin mining and AI computing gives it a strong position in the market. Also, the company is pushing for digital change and sustainability growth by seeking new ideas and collaboration.
Additionally, Roberts sees Bitcoin as “Gold 2.0,” despite its volatility, he claims there’s still room for growth. He also believes that IREN is leading what could be the next major step in technology. Thus, the Gold 2.0 era might be starting, powered by Bitcoin and AI working together.
The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from any company.
